Qorvo (NASDAQ:QRVO) Price Target Lowered to $80.00 at Bank of America

Qorvo (NASDAQ:QRVO) had its price objective lowered by equities researchers at Bank of America from $115.00 to $80.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has an “underperform” rating on the semiconductor company’s stock. Bank of America‘s price objective points to a potential downside of 20.38% from the company’s current price.

Several other analysts also recently weighed in on the stock. JPMorgan Chase & Co. boosted their price target on shares of Qorvo from $100.00 to $115.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 31st. Rosenblatt Securities increased their target price on Qorvo from $105.00 to $120.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Raymond James lowered Qorvo from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Needham & Company LLC assumed coverage on Qorvo in a research report on Monday. They issued a “buy” rating and a $135.00 price objective for the company. Finally, Benchmark cut shares of Qorvo from a “buy” rating to a “hold” rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $110.06.

Qorvo Price Performance

Shares of Qorvo stock opened at $100.48 on Wednesday. The business’s 50-day moving average price is $104.86 and its 200-day moving average price is $107.98. The firm has a market capitalization of $9.55 billion, a PE ratio of -137.64, a price-to-earnings-growth ratio of 1.20 and a beta of 1.45. Qorvo has a 12 month low of $80.62 and a 12 month high of $130.99. The company has a current ratio of 1.95, a quick ratio of 1.36 and a debt-to-equity ratio of 0.44.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.85 by $0.03. The firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. The business’s revenue was down 5.2% compared to the same quarter last year. During the same period last year, the firm posted $1.99 earnings per share. Sell-side analysts forecast that Qorvo will post 4.84 EPS for the current fiscal year.

Insider Buying and Selling

In other Qorvo news, VP Gina Harrison sold 689 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $107.67, for a total value of $74,184.63. Following the completion of the sale, the vice president now directly owns 21,601 shares in the company, valued at $2,325,779.67. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.46% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Hennion & Walsh Asset Management Inc. purchased a new stake in Qorvo in the first quarter worth $227,000. Park Place Capital Corp grew its position in shares of Qorvo by 398.1% in the 1st quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock worth $30,000 after buying an additional 207 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of Qorvo by 65.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,491 shares of the semiconductor company’s stock worth $1,090,000 after acquiring an additional 3,744 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Qorvo by 0.6% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 238,523 shares of the semiconductor company’s stock valued at $27,390,000 after acquiring an additional 1,437 shares during the period. Finally, Commonwealth Equity Services LLC boosted its stake in Qorvo by 2.3% during the first quarter. Commonwealth Equity Services LLC now owns 9,059 shares of the semiconductor company’s stock worth $1,040,000 after acquiring an additional 203 shares in the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

About Qorvo

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.